Examples of Game Theory In Real Life

The Boy Scouts is an example of excellent use of game theory in real life. There are different badges that scouts can earn to show their progress after they complete certain activities. Scouts work individually and in groups to stimulate both competition and cooperation. And finally, the eagle award is similar to an epic win.

An example of poor use of game theory is the TV show The Apprentice. Even though contestants may work in groups, they are essentially looking out only for themselves so activities are filled with arguments and backstabbing. Also the ultimate prize is misleading because the winner is supposed to become executive vice presidents, but in reality they are only publicity spokesman for the Trump Orginazation.

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